ATLANTA, July 22, 2026 (GLOBE NEWSWIRE) — Monarch Private Capital (Monarch), a nationally recognized impact investment firm that develops, finances, and manages a diversified portfolio of projects generating both federal and state tax credits, is pleased to announce the closing of its federal and New York State Historic Tax Credit investment in the Curtiss Hill redevelopment project in Hammondsport, New York.
Monarch enabled more than $2.5 million in combined federal and state historic tax credit equity investment to support the adaptive reuse of the former Glenn H. Curtiss Memorial School. The investment will help preserve one of the community’s most significant historic landmarks while creating much-needed housing and commercial space in New York’s Finger Lakes region.
Developed by MM Development Advisors, Inc., the project will transform the historic school building into 24 residential apartments, including six studio, fourteen one-bedroom, and four two-bedroom units. With monthly rents ranging from $1,200 to $2,375, the development will provide much-needed “missing middle” housing, serving workforce professionals, young families, and homeowners looking to downsize while remaining in the Hammondsport community.
The project addresses a growing shortage of quality workforce housing in Hammondsport, where limited rental inventory and increasing demand from seasonal vacation properties have made housing increasingly difficult for middle-income residents. In addition to the residential units, the redevelopment will include approximately 4,700 square feet of commercial space designed for retail, office, or other community-focused businesses.
Residents will enjoy modern amenities including a fitness room, elevator access, bike storage, outdoor recreation and garden space, secure package delivery, energy-efficient appliances, and pet-friendly accommodations.
Constructed in 1935, the former Glenn H. Curtiss Memorial School served as Hammondsport’s central school until its closure in 2010. The property occupies the former home site of Glenn H. Curtiss, widely recognized as the father of U.S. Naval Aviation and one of America’s pioneering aviation innovators. Located within the Hammondsport Historic District, the building represents an important part of the village’s architectural, educational, and aviation heritage.
“Historic tax credit investments do more than preserve remarkable buildings—they help communities address today’s needs while honoring their past,” said Rick Chukas, Partner and Managing Director of Historic Tax Credits at Monarch Private Capital. “Curtiss Hill is an outstanding example of how historic preservation can attract private investment, create much-needed housing, support local businesses, and strengthen communities for generations to come.”
“We’re excited to partner with Monarch Private Capital on the redevelopment of Curtiss Hill,” said Monica McCullough, President & Founder of MM Development Advisors, Inc. “This project preserves an important piece of Hammondsport’s history while addressing a real need for quality housing and flexible commercial space. We look forward to seeing the building once again serve as a vibrant gathering place and economic asset for the community.”
The redevelopment also embraces sustainable building practices by preserving and repurposing the existing structure, extending the life of the historic building while reducing the environmental impact associated with demolition and new construction.
For more information about the Curtiss Hill project, contact Rick Chukas or Monica McCullouth or visit www.curtisshill.com.
About Monarch Private Capital
Monarch Private Capital manages impact investment funds that strengthen communities by creating energy, affordable housing, and jobs. Its funds provide predictable returns through federal and state tax credits in affordable housing, historic rehabilitation, energy, and film. Headquartered in Atlanta, Monarch maintains offices and professionals across the United States, partnering with institutional and individual investors, developers, and lenders to advance sustainable economic growth.
CONTACT
Jane Rafeedie
Monarch Private Capital
470-283-8431
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